Finore Mining Announces the Closing of the Non-brokered Private Placement
Vancouver, BC / TNW – Accesswire / Vancouver, B.C., June 22, 2015 – FINORE MINING INC. (CSE: FIN; OTCQX: FNREF) (the “Company” or “Finore”) announces that it has completed a non-brokered private placement (the “Private Placement”) of 9,270,000 units (the “Units”) at a price of $0.03 per Unit, with each Unit being comprised of one common share of the Company and one common share purchase warrant (the “Warrants”). Each Warrant entitles the holder to purchase one additional common share of the Company (a “Warrant Share”) at an exercise price $0.08 per Warrant Share for the first two years after the date of issue, and at an exercise price of $0.10 per Warrant Share during the third year after the date of issue.
In the event that the common shares of the Company trade for a period of 10 consecutive trading days at a closing price in excess of (a) $0.15 per share at any time after four months following the date of issue of the Warrants and during the first two years of the term of the Warrants, or (b) $0.20 per share during the third year of the term of the Warrants, the Company will accelerate the expiry date of the Warrants by giving notice to the holders thereof and, in such case, the Warrants will expire on the 30th day after the date on which such notice is given by the Company.
The proceeds of the Private Placement will be used to fulfill certain requirements in respect of the Company’s Lantinen Koillismaa PGE-Gold-Copper-Nickel Project, North-Central Finland (the “LK Project”), to pay certain accounts payable and for working capital.
The Company paid a commission comprised of 267,750 Units in connection with a portion of the Private Placement.
About Finore Mining Inc.
Finore is a mineral exploration and development company based in Vancouver, British Columbia. The Company controls a 100% interest in the LK Project located in North-Central Finland. Finore’s goal is to define a large-tonnage PGE+Au-Cu-Ni deposit in Finland. More information on the Company’s activities can be found on www.finoremining.com.
On behalf of the board of directors of Finore Mining Inc.,
President & CEO
The CSE does not accept responsibility for the adequacy or accuracy of this release.
This news release contains “forward-looking information” within the meaning of applicable securities laws (“forward-looking statements”), including our belief as to the timing of our proposed drill program and the potential tonnage, grades and content of deposits. These forward-looking statements are made as of the date of this news release. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. While we have based these forward-looking statements on our expectations about future events as at the date that such statements were prepared, the statements are not a guarantee that such future events will occur and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements. Such factors and assumptions include, among others, the effects of general economic conditions, commodity prices, changing foreign exchange rates and actions by government and regulatory authorities and misjudgments in the course of preparing forward-looking statements. In addition, there are known and unknown risk factors which could cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Known risk factors include risks associated with exploration; the need for additional financing; the calculation of mineral resources; operational risks associated with mineral exploration; fluctuations in metal prices; title matters; government regulation; obtaining and renewing necessary licences and permits; reliance on key personnel; the potential for conflicts of interest among certain of our officers or directors; the volatility of the our common share price and volume; and other risks and uncertainties, including those relating to the LK Project and general risks associated with the mineral exploration industry described in our financial statements and MD&A for the fiscal period ended December 31, 2014 filed with the Canadian Securities Administrators and available at www.sedar.com. Although we have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. We are under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.